NE Industry bodies hail Budget 2016-17

Guwahati, Feb 29 (IANS) Industry bodies of Assam and northeast termed the union budget 2016-17 presented on Monday as a good one based on realistic projection and said it was prepared while keeping in mind the need of all sectors of society in general and particularly the rural, farming sector and the people living below the poverty level.

FICCI North East Advisory Council chairman Ranjit Borthakur said that the budget reflects the development priorities of the country.

“The focus on rural development, agriculture and infrastructure will have a multiplier effect in other segments of the economy; the increased focus on affordable housing also has the potential to propel growth. Attempts towards tax simplification and improving the tax litigation framework are also welcome,” he said.

“Talking specifically of the northeast, we hope infrastructure requirements of the northeast will figure prominently in the increased infrastructure spend by the government, particularly we hope the issue of development of inland waterways, northeast ring road and connectivity with neighbouring countries will be addressed. We also hope the states of the northeast will be able to take advantage of the plan to operationalise non-functioning airports,” he added.

The Confederation of Indian Industries (CII) also welcomed the emphasis onr jobs, rural development, and structural reforms and transformation.

“The budget has laid major emphasis on entrepreneurship and small business which would spur the entrepreneurship movement in the region. Further, lowering of corporate taxes for units with revenue below Rs.5 crore and the 100 percent tax exemption for start-ups for 3 years will benefit small business and the MSME sector in the region. In short, it is the best time to be an entrepreneur in the country,” said Abhijit Barooah, co Chairman, CII North East Council &amp; MD, Premier Cryogenics Ltd.

He said that the proposed structural reforms and infrastructure augmentations including high impact announcement on enhanced road infrastructure to the tune of over Rs.97,000 crore is expected to promote tourism, supply chain, logistics sector and create greater jobs opportunities but noted some provisions should have been made for improving connectivity with neighbouring countries.

The Federation of Industries and Commerce of the Northeastern region (FINER) said that the Finance Minister Arun Jaitley must be given credit for presenting an all-inclusive, balanced and growth-oriented budget with a focus on rural and agriculture sector on the one hand and infrastructure on the other hand.

“The FM appears to go all out, without diluting fiscal prudence in ensuring 100 percent rural electrification; connecting all the villages through road connectivity and improving the vital infrastructure needs of the country,” said FINER chairman R.S. Joshi.